Manufacturing Data Revisions Released

In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for the Business Outlook Survey after calculating new seasonal
adjustment factors. Because survey responses are characterized by seasonal patterns, new seasonal factors are calculated annually based on the addition of
a complete year of data.

The data revisions adjust the December 2013 indexes only slightly. December's current activity index was revised downward slightly, and the six-month
future activity index was revised upward slightly.

The current activity index was adjusted downward for the months of March, April, July, September, October, and December and upward for the months of
January, February, May, June, August, and November. The largest one-month revision for the current activity index was for October: The index was revised
downward 4 points, from the original reading of 19.8 to 15.6.